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West Central Reporter

Sunday, November 24, 2024

Former state school employee Anderson paid in $77K to teachers' pension fund, could collect $1.57M in retirement

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Former state school employee Edith Anderson, who retired in April 2018, saved $77,247 toward a pension over 30 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Anderson would collect as much as $1.57 million, according to a projection by Local Government Information Services (LGIS), which publishes West Central Reporter.

The projection assumes Anderson received $33,091 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Anderson will have already received $102,282 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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